How To Do RCM Optimization? (3 Tips You Can’t Afford To Ignore)

In the hard
fight of the COVID-19 pandemic, the RCM optimizations turn to be the crucial
one with the highest priority. Past year, most healthcare organizations faced
serious issues related to practice revenue growth, patient outcomes, billing,
and collections – where everyone was fighting as a real hero in the Covid war
to safeguard patients from this deadly virus.

As
everything was quite normal today and we are returning to the post-pandemic
world, the healthcare financial leaders are started focusing on both patent
volumes and practice productivity.

The Covid-10
era has created a lot of changes in the healthcare industry especially with the
healthcare costs and quality healthcare delivery. This has seriously created a
lot of pressure on healthcare organizations to update their RCM process to
ensure a smooth revenue cycle for their healthcare practices in the future.
Here are the 3 proven strategies that work well for your RCM optimization.

Workflow
automation should be your first step

Automation
is everywhere today. In the same way –the healthcare sector is set to attain
automation processes in almost all the workflow areas such as scheduling,
billing, payment processing, and more. As a part of revenue cycle management,
team members perform complex & time-consuming tasks such as claim status
follow-up, eligibility verification, patient statement creation, and more. If
this process has been done quickly and accurately it will benefit more in terms
of revenue cycle performance and practice productivity.

If the right
technology is used for automating these works, this frees up a lot of time and
resources and allows team members to focus more on valuable processes. The
workflow automation on the front end RCM has also helped healthcare practices
during this pandemic.

By
automating the RCM process, the practice can able to attend their patients and
clear patient days before an appointment. This reduced the need for unnecessary
contact. When telehealth is taking over, the need for in-person checks is too
reduced. Patients are started making use of telehealth technologies for access
care online.

Front-end
optimization should be considered

Optimizing front-end revenue cycle processes can reduce headaches on the backend. Patient access is key to revenue cycle management success at the Indiana health system.

About 30
percent of health systems rely on manual patient access workflows. But as
patients become more computer savvy thanks to smartphones and technology
advancements, patient access is tapping features like automated and
bi-directional communications to streamline the process.

RELATED: HOW RCM SYSTEMS FOR HOSPITAL LABS BOOST ROI?

Find the
right partner for your RCM

Revenue
cycle management optimization can be a daunting task, especially for smaller
healthcare organizations. Physician practices do not always have access to
capital, technology, people, and other resources to dive into an end-to-end
optimization project. Additionally, rapidly growing organizations may find themselves
with a patchwork of revenue cycle processes and technologies that can impede
enterprise-wide management.

For some
organizations, these can be signs that a partner is needed. Revenue cycle
management outsourcing has become increasingly popular as a solution to common
revenue cycle challenges, such as slow reimbursement, inefficient workflows,
and lack of technology.

Coming out
of the COVID-19 pandemic, outsourcing is likely to see another surge. The
pandemic has exacerbated talent recruitment and retention. Internal revenue
cycle management teams may not be a possibility or cost-effective for some
organizations right now.

CapMinds
medical billing & RCM features are customizable according to the changing
trend in the health industry including the top features – medical
credentialing, AR follow-up, claim submission, insurance verification, charges
entry, denial management, and more.

Ready to outsource? We, CapMinds are ready to easily adapt to industry trends, regulations, and your business goals by providing the best RCM solutions.